Annual Secretarial Compliance Report for the year ended March 31, 2025
Awaiting price reaction for this filing.
Grand Foundry Ltd has filed its Annual Secretarial Compliance Report for FY ending March 31, 2025, signed by CS Nitin Nagar of M/s Nitin Nagar & Co. The report flags several board and committee composition non-compliances that arose because the terms of two independent directors — Taroon Vaswani and Ketan Rasiklal Shah — expired on May 28, 2024, and the company took time to appoint replacements. BSE and NSE imposed fines for violations of Regulations 17(1), 18(1), 19(1)/19(2), and 20(2)/(2A), covering requirements around women directors, Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee composition. A separate non-compliance under Regulation 33 involved filing FY23-24 financial results labelled as 'Unaudited' instead of 'Audited' due to a clerical error, attracting fines of Rs 160,000 for Q1 and Rs 171,100 (incl. GST) for Q2. The company has since appointed new independent directors on July 11, 2024, and filed waiver applications with both stock exchanges. Other compliance areas like Secretarial Standards, website disclosures, insider trading, and director disqualification checks were found to be in order.
The filing highlights material corporate governance lapses and multiple stock exchange fines, though the company has acted to appoint new independent directors and seek waivers, which may soften the regulatory blow. Persistent governance shortfalls could weigh on investor confidence in the company's board quality and compliance discipline.